Bitget rolls out SpaceX-linked pre-IPO proxy with Republic

Bitget’s IPO Prime will debut with preSPAX, a Republic-issued token tied to SpaceX’s post-IPO performance rather than direct ownership of the company’s shares.

Cryptocurrency exchange Bitget has launched IPO Prime, a proxy offering tied to the pre-initial public offering (IPO) phase of Elon Musk’s aerospace manufacturing and space transportation company, SpaceX.

Bitget said Friday that IPO Prime will start with preSPAX, a Republic-issued token designed to give retail users economic exposure tied to SpaceX’s post-IPO performance. The exchange said the product does not give buyers direct ownership of SpaceX shares, and that SpaceX has not endorsed, approved or authorized the offering.

The launch highlights how crypto exchanges are bringing more traditional investment products onto blockchain rails in a bid to attract users with round-the-clock access to assets that have historically been harder for retail investors to reach.

The announcement comes as Bloomberg reported that SpaceX is said to have confidentially filed for an IPO, with valuation targets ranging from $1.75 trillion to over $2 trillion, though the company has not publicly confirmed the move.

Bitget said the offering will be available across all jurisdictions where the exchange is compliant, through a subscription-based model where users can apply for allocations through a tiered structure. 

Bitget said the subscription window for preSPAX will run from April 18 to April 21, with distribution on April 21 and OTC trading scheduled to begin later that day. Gracy Chen, Bitget’s CEO, told Cointelegraph that VIP users will receive early access through two exclusive pre-launch airdrop rounds ahead of the broader rollout.

Crypto-native companies with similar pre-IPO offerings include Solana-based PreStocks, Orderbook and Republic. Competitors from traditional finance include Nasdaq Private Market, Hiive, Forge Global and EquityZen.

Related: Crypto exchanges chase TradFi commodities market as pricing gaps persist

Bitget positions the pre-IPO platform as a “new route” to traditional finance opportunities and part of the company’s “universal exchange” ambitions, seeking to bring more TradFi assets under tokenized wrappers.

Other large cryptocurrency exchanges have also launched access to TradFi investment products in a bid to widen their investor base. In January, Vienna-based crypto exchange Bitpanda said it was expanding its offering to include about 10,000 stocks and exchange-traded funds (ETFs).

In April 2025, Kraken announced the launch of 11,000 US-listed stocks and ETFs with commission-free trading in an effort to bring “equities and digital assets together” under one trading platform, as part of a “phased national rollout.”

Coinbase exchange also launched stock trading at the end of 2025 and rebranded its wallet app as an “everything app,” as the first step to enable 24/7 trading of stocks and ETFs along with crypto assets.

Crypto research firm Delphi Digital called the phenomenon the “super app” race, predicting an “aggregation era” for the crypto industry, as value shifts from protocols to platforms with the most users and trading products. 

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?

Source: CoinTelegraph